The geriatric care services market in India mainly comprises home health care, nursing homes, assisted living facilities, and other geriatric care services. Elderly care services play a crucial role in maintaining the quality of life of the elderly population by providing medical, personal, and social care. Home healthcare services are anticipated to witness the highest growth owing to the growing preference for aging in place amongst the elderly. The social dynamics in Indian families preferring joint families also support the growth of home healthcare services. The geriatric population in India is expected to grow from 104 million in 2011 to 323 million by 2050.
India Geriatric Care Services Market is estimated to be valued at US$ 10.72 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India geriatric care services are Emoha Elder Care, AntaraSeniorCare, Nisarg Care, Tata Trust, Ashiana Housing Ltd., Heritage Eldercare Services Pvt. Ltd., ASLI (Association of Senior Living India), Nema Care, Age Ventures India, Piramal Swasthya, Jeevan Suraksha, and Kriti Elder Care
The key opportunities in the India Geriatric Care Services Market Size include untapped rural areas, growth of nuclear families creating demand for elderly care facilities, and government initiatives to promote elderly care infrastructure and services.
With the growing elderly population, there is vast potential for global players to expand in the India market. India also has the cost advantage which makes it an attractive outsourcing hub for global medical value travel. Many international players are expected to foray into the Indian market through acquisitions or partnerships over the forecast period.
Market drivers
The key driver for the growth of the India Geriatric Care Services Market Size and Trends is the rising aging population. As per United Nations data, India is home to 104 million elderly population aged 60 years and above in 2011 which is projected to increase over three folds to 323 million by 2050. The changing social dynamics with shrinking joint families has increased the needs for formal elderly care services. Government initiatives to promote elderly care through subsidies, tax benefits and policies are also supporting the growth of the organized geriatric care services sector.
PEST Analysis
Political: The Indian geriatric care service market is regulated by various laws and regulations introduced by the Ministry of Health and Family Welfare to ensure safety and wellbeing of elderly patients.
Economic: Rising healthcare expenditure, increase in life expectancy and growing elderly population are fueling the demand for geriatric care services in India. The growing economy is also encouraging investments in advanced healthcare facilities for senior citizens.
Social: Changing lifestyles and breakdown of the traditional joint family system have reduced family support for the elderly. This has increased the need for professional geriatric care services for the growing aged population.
Technological: Adoption of digital health solutions like telemedicine, mHealth, and remote patient monitoring are helping improve access to quality healthcare services for senior citizens located in remote areas. Wearable health monitoring devices are enabling independent living of elders.
India is home to the second largest elderly population globally. The four regions accounting for the highest market share in terms of value are Western India, Southern India, Eastern India and Northern India. Western India dominates the market owing to concentration of major cities like Mumbai and Pune that host large patient pools and advanced healthcare facilities for geriatrics.
On the other hand, the Northeast region consisting of eight states is showing the fastest growth rate. This is attributable to rising health awareness, increasing life expectancy, government focus to enhance geriatric care infrastructure and accommodate medical tourism from neighboring countries. However, the region still lags in terms of availability of quality services due to remote and hilly terrain posing connectivity and resource constraints.
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